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news.Hydra Biosciences, a biotechnology company, has raised $22.2 million in a series D financing led by MedImmune Ventures, a wholly-owned venture capital fund of MedImmune, the biologics business of the AstraZeneca Group.
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Proceeds from the financing will be used to advance multiple transient receptor potential (TRP) ion channel drug programs, with the most advanced program moving toward clinical trials in 2009, to be applied to diseases such as pain, inflammation, and pulmonary disease.
MedImmune Ventures joins existing investors Advanced Technology Ventures, Abingworth, Polaris, BioVenture Investors, Biogen-Idec Ventures, and Lilly Ventures in the series D round. Hydra Biosciences has raised $47 million in previous rounds of financing.
As part of the closing of this financing transaction, Karen Gotting-Smith, vice president of development business performance and continuous improvement at AstraZeneca will join the board of directors of Hydra Biosciences as the designee of MedImmune Ventures.
Russell Herndon, president and CEO of Hydra Biosciences, said: We are excited about the continuing recognition by both investors and pharma companies in our unique platform for novel TRP ion channel drugs. This funding allows us to continue to advance our ion channel drug programs with a goal of initiating our first human clinical trial with a TRP ion channel modulator in 2009.